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Brean noted that GARP is a low-cost technology that improves production and ultimate recoveries from mature wells. GARP technology increased production to 55-60 gross (27-30 net) BOEPD from marginal levels on four installations.

"While GARP is not a major driver at the moment, it could add meaningful production down the road," the brokerage wrote.

The company's producing assets include a CO2-EOR project with growing production in Louisiana's Delhi Field, and producing wells and proved drilling locations in the Giddings Field of Central Texas and Lopez Field in South Texas.

The stock, which has been trading in the 52-week range of $7.48 to $10.14, rose 1.28 percent to trade at $7.92 on Thursday.

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